Top reasons for Kilburn lease extension

Why you should start your Kilburn lease extension today:

Increase your lease and increase your Kilburn property value

There is no doubt about it a leasehold property in Kilburn is a wasting asset as a result of the shortening lease. If the residual term has, beyond 125 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner than later. The majority of flat owners in Kilburn will meet the qualifying criteria; however a lawyer should be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders will not grant a mortgage on a short lease

The trend since 2008 has been for banks to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically banks were content with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Get in touch with one of our Kilburn lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with procure Kilburn lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Kilburn Lease Extension Example Cases:

Georgina, Kilburn, North London,

In the wake of 9 months of protracted discussions with the landlord of her studio apartment in Kilburn, Georgina initiated the lease extension process just as the lease was approaching the all-important 80-year deadline. The transaction was concluded in November 2011. The freeholder’s charges were kept to an absolute minimum.

Kilburn case:

Mr P Jones moved into a first floor apartment in Kilburn in July 2004. The question was if we could approximate the premium could be to prolong the lease by ninety years. Identical premises in Kilburn with an extended lease were in the region of £225,800. The mid-range amount of ground rent was £60 billed monthly. The lease came to a finish in 2086. Considering the 60 years outstanding we calculated the premium to the landlord for the lease extension to be within £25,700 and £29,600 plus professional charges.